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Conference Call to Be Conducted Today at 1:30 p.m. EDT
Riverside, Calif., July 12, 2007 Fleetwood Enterprises, Inc. (NYSE:FLE) announced today financial results for the fiscal 2007 fourth quarter and full year ended April 29, 2007.
Consolidated revenues for the fourth quarter of fiscal 2007 declined 16 percent to $508.4 million from $602.6 million in the same period of the prior year. Fleetwoods consolidated operating loss was $18.6 million versus operating income of $8.3 million in the fourth quarter of the prior year. The Companys net loss, which included results from discontinued operations, was $39.2 million, or $0.61 per share, compared to net income of $1.7 million, or $0.03 per share, in the fourth quarter last year. The current quarter loss included one-time severance costs of $10.2 million, or $0.16 per share, associated with the closure of five travel trailer plants and a non-cash adjustment to the Companys deferred tax asset of $11.1 million, or $0.17 per share. In total, these costs were $21.3 million, or $0.33 per share.
For fiscal year 2007, consolidated revenues fell 17 percent to $2.01 billion from $2.43 billion in the prior year. Fleetwoods consolidated operating loss was $67.0 million versus operating income of $29.5 million in the prior year. The net loss totaled $90.0 million, or $1.41 per share, compared to a net loss of $28.4 million, or $0.48 per share, in fiscal 2006. The fiscal 2007 loss included severance costs of $14.0 million, or $0.22 per share, and adjustments to the Companys deferred tax asset of $14.7 million, or $0.23 per share.
Despite the significant restructuring costs from plant closures, the fourth quarter operating loss was, as expected, narrower than the third quarter, said Elden L. Smith, president and chief executive officer. The difficult market environment was particularly evident in our travel trailer division, where poor operating results prompted us to reduce manufacturing capacity by closing five smaller or underperforming travel trailer plants. We have also made significant improvements to our model year 2008 travel trailers and streamlined our product offering. We have been gratified by the reaction to the early shipments of our 08 travel trailer products. We believe that our company-wide efforts to eliminate inefficiencies, curtail costs, and increase revenues through enhanced products will provide a foundation for Fleetwoods consistent operational improvement. These factors combined with more efficient operations are expected to yield considerably better financial results in the next year.
Fourth Quarter Results by Business Segment
Recreational vehicle sales were down 11 percent to $382.0 million from $430.2 million in the fourth quarter of the prior year. The RV Group incurred a quarterly operating loss of $18.4 million compared to the prior-year fourth quarter operating profit of $2.2 million, which was aided by $33 million in sales of emergency living units provided by the travel trailer division in support of FEMAs disaster relief effort. Motor home sales for the quarter increased by 12 percent, and the division generated operating income of $11.5 million, its best performance in more than two years. These results were encouraging, but were overshadowed by losses in the travel and folding trailer divisions, including the restructuring costs.
Revenues for the Housing Group dropped 26 percent to $116.9 million from $157.5 million in the fourth quarter of the prior year. Despite the sharp decline in revenues, the Housing Group generated operating income of $1.7 million, compared with $6.6 million in last years fourth quarter.
The following information was filed by Fleetwood Enterprises Inc on Thursday, July 12, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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